Dutch doctors fund switches to concentrated equity portfolio
The €10bn fund will only keep about 70 companies in a new buy-and-hold approach
Two-thirds of asset owners expect to offset portfolios’ carbon emissions, finds study
Critics arguing that investors and companies that use carbon credits are just buying a license not to reduce their own contribution to climate change
Reputational disaster or ‘badge of honour’? Fund managers split over Aviva’s SFDR fine
Asset manager is first to face enforcement under the rules, but peers are divided on what it means
EAPF open to using biodiversity credits to bolster natural capital returns
The Environment Agency Pension Fund plans to allocate 4% to natural capital and set a 17% target for climate solutions
DB schemes with less than 1,000 members make up 80% of total funds under PPF
However, these schemes only make up around 10% of total assets, liabilities and members
Monte dei Paschi scheme seeks asset managers for DB sub-fund, private equity
The pension fund is looking for an asset manager to invest €70-80m in private equity and another for €80m to run its DB sub-fund
Varma invests €500m in made-to-measure Japanese low-emission ETF
Finnish pension firm’s listed chief says Varma will carry on creating more sustainability products
IPE Conference: CPEG in talks with managers exiting CA100+
CPEG is asking asset managers to provide an explanation for their departures from the climate engagement group
Swiss asset managers urge companies to pursue sound transition plans
Lombard Odier, Pictet, UBS, Zürcher Kantonalbank, and Baloise back AMAS letter to help guide engagement between asset managers and investee companies
Challenges remain as UK schemes see net zero targets hindered
Lack of high-quality data and uncertainty around government policy are cited as major barriers among pension funds
Asset owners urged to cut exposure to firms with no Scope 3 target, says NZAOA
Report advises asset owners to take a series of immediate steps to ‘make meaningful progress, while driving public discourse and pushing for regulatory change’
German parties slam FDP’s attempt to reform third pillar pension system
BVI says Germany’s political parties are already in election campaign mode and are using the opportunity to set their own agenda
People moves: People’s Partnership appoints deputy CIO
Plus: Faith Ward is reappointed as IIGCC chair; MFS adds to Germany team
Norway’s SWF seeks green light to sell slowly-growing Russian assets
NBIM also makes first Israeli company blacklisting since ethical council stepped up its stance regarding Palestinian territory occupation
IPE Conference: Tough tasks ahead for European leaders, conference hears from geopolitics experts
Europe not doomed by the US political shift, says former Swedish prime minister Fredrik Reinfeldt
IPE Conference: Private debt said to make overall economy more resilient
From a system risk point of view, private debt funds are much less risky than bank lending, Tilburg University professor argues
EU Taxonomy costs hit ‘several million pounds’ for some FIs, finds government research
Financial institutions are more likely than real-economy companies to have already updated their data systems to account for the taxonomy
ABP buys €2.7bn Dutch mortgage portfolio
Despite the large purchase, the fund will remain underweight mortgages compared to other Dutch pension funds
UK regulator publishes defined benefit covenant guidance
The update is the last piece of the jigsaw to help schemes carry out valuations under the new DB funding code
Investors on a biodiversity ‘learning curve’, ISSB staff report
ISSB says there is a ‘clear trend’ with water resources emerging as a top concern for those assessing BEES-related risks
Germany’s Bundesrat recommends review of second pillar reform
The Bunderat recommends reviewing whether a significant increase in the maximum possible amount of funding beyond a wage adjustment is possible
OECD calls for strong action to make pension systems more inclusive
Overall pension assets in OECD countries grew by 10% in 2023, reaching over $56trn
IPE Awards: Environment Agency wins European Pension Fund of the Year
Olivier Rousseau takes this year’s Outstanding Industry Contribution award
EU advisers asked to stay on longer to steer sustainable finance agenda
Platform on Sustainable Finance’s extended mandate will run until the end of March 2025
Enpam overturns deficit forecast with €826m profit on invested assets
The scheme will end the current year with a budget surplus of €484m, a result that overturns the previous outlook of a deficit amounting to €84m
ABP, Aegon, Phoenix and GPFG named among climate lobbying leaders
Using publicly available information, InfluenceMap scored 30 pension funds and insurers from around the globe
Merchant Navy Ratings Pension Fund completes £450m longevity swap
Transaction is structured as an insurance contract with a captive insurer in Guernsey
Inarcassa expects €1.2bn budget surplus as it implements new strategy
Budget surplus is result of income from members’ contributions and expenses for pensions paid, returns on invested assets, and operational costs
Iceland’s LV hails Supreme Court ruling liability increase was legal
Almenni Pension Fund calls the ruling ‘a precedent-setting decision for other pension funds’
Pension funds should not be treated as NBFIs, PensionsEurope tells EC
Industry association responds to consultation that will inform policy planning in the Commission’s new political mandate
KION Group completes £250m buy-in deal with Canada Life
Deal covers five different UK DB pension schemes within the group, covering the benefits of over 3,000 members
Achmea and Sixth Street merge to enter Dutch buyout market
The joint venture comes months after Lifetri, an insurer owned by Sixth Street, pulled out of the Dutch buyout market following a lack of success due to its small size
Swedish policy changes have weakened link between work income and pension, Skandia finds
Politicians ‘face a big challenge’ if they are to protect the principle of pension being based on income from entire working life, pension provider says
KPA warns most are unaware of guarantee loss when transferring pension
Swedish municipal pension fund adds voice to warnings over growing transfer activity
Assoprevidenza to rank asset managers on ESG grounds
Assoprevidenza, the Italian association of the complementary pension sector, will start ranking asset managers according to their ESG strategies and the role played by sustainability in governance processes, it announced today.
J. Safra Sarasin Group acquires MIV Asset Management
MIV is known for its expertise in medical technology (medtech) investments via its flagship MIV GlobalMedtech Fund
Sustainable Finance-Beirat expects next government to continue transition finance plans
Chair Silke Stremlau says
Pope calls for review of Vatican pension system to improve financial outlook
Pope Francis appoints Cardinal Kevin Farrell as sole administrator of the Vatican pension fund
BlackRock nears $12bn acquisition of private credit behemoth HPS
BlackRock is diversifying away from its core business, index investing and ETFs, seeking to build its fee-generation capacity
Pension Protection Fund could lower the levy further, claims WTW
WTW claims that even if PPF distrust the government to bring the levy back, it could lower it below £100m
BVI warns of new law for venture capital, infra investments being politicised
The new rules create a legal framework that removes obstacles for investment in infrastructure and renewable energy projects
Velliv keeps new strategy under wraps pending arrival of new CIO
Kehlet Johansen says Danish pensions firm needs ‘new eyes and other skills’ as CIO Anders Stensbøl Christiansen quits
Geopolitical conflict tops concerns list for pension funds
To hedge against this risk, funds want to further diversify their portfolios, for example by increasing investments in private assets
UK judgement bars passive investors seeking compensation from Barclays
Norwegian pension fund KLP and Swedish pensions and insurance group Folksam are among the claimants fighting Barclays
Ex-Siemens CEO views pensions as main block of ‘Agenda 2030’ for Germany’s recovery
‘Pensions must be financed upwards through private wealth accumulation among young people,’ says Joe Kaeser
EU should centralise ESG disclosures to cut costs for investors, says think tank
The cost of disclosing sustainability information under European Union regulation could be slashed by €5bn, according to a German think-tank.
Pension fund returns could suffer with climate change impact
Transition risks are expected to be dominant climate risk driver compared to physical risks during 2025–2030 for pension funds worldwide, says Ortec Finance
PGGM announces €1.7bn credit risk sharing transaction with UniCredit Bank
The Dutch pension investor entered into a €1.7bn transaction with UniCredit Bank Czech Republic and Slovakia
Ethos sets stricter voting conditions on corporate governance
The situation in terms of diversity on the board of directors of Swiss companies is ‘worrying’, says foundation
People moves: Morrissey joins Barnett Waddingham as non-exec chair
Plus: Fidelity International appoints new trustee for master trust; Abrdn makes changes to multi-asset and alternatives leadership team
